Main Street Group LTD Trims Stock Position in Nucor Co. (NYSE:NUE)

Main Street Group LTD cut its holdings in shares of Nucor Co. (NYSE:NUE) by 11.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 669 shares of the basic materials company’s stock after selling 88 shares during the period. Main Street Group LTD’s holdings in Nucor were worth $105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in NUE. International Assets Investment Management LLC acquired a new position in Nucor in the fourth quarter valued at approximately $625,000. Private Advisor Group LLC boosted its holdings in Nucor by 24.9% during the fourth quarter. Private Advisor Group LLC now owns 18,478 shares of the basic materials company’s stock worth $3,216,000 after buying an additional 3,684 shares in the last quarter. Principal Securities Inc. acquired a new stake in Nucor during the fourth quarter valued at $222,000. First City Capital Management Inc. purchased a new position in Nucor in the fourth quarter valued at $218,000. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in Nucor by 3.1% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 6,266 shares of the basic materials company’s stock valued at $1,091,000 after buying an additional 190 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the sale, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NUE has been the topic of a number of analyst reports. Bank of America dropped their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $187.00 to $176.00 in a research report on Thursday, August 15th. JPMorgan Chase & Co. decreased their target price on Nucor from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 16th. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, BMO Capital Markets decreased their price objective on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a report on Monday, June 17th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $194.43.

Nucor Trading Down 0.6 %

Shares of NYSE NUE traded down $0.81 during midday trading on Friday, reaching $138.79. 1,310,681 shares of the stock were exchanged, compared to its average volume of 1,457,170. The stock has a market capitalization of $33.28 billion, a P/E ratio of 8.17 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The company has a 50 day simple moving average of $152.27 and a 200 day simple moving average of $169.39. Nucor Co. has a twelve month low of $137.91 and a twelve month high of $203.00.

Nucor (NYSE:NUE) last posted its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter last year, the firm earned $5.81 earnings per share. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year. As a group, equities analysts expect that Nucor Co. will post 9.91 earnings per share for the current year.

Nucor Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.